Empirical studies of the impact of corporate information disclosure on capital market
Project/Area Number |
17K04054
|
Research Category |
Grant-in-Aid for Scientific Research (C)
|
Allocation Type | Multi-year Fund |
Section | 一般 |
Research Field |
Accounting
|
Research Institution | Kobe University |
Principal Investigator |
|
Project Period (FY) |
2017-04-01 – 2020-03-31
|
Project Status |
Completed (Fiscal Year 2019)
|
Budget Amount *help |
¥4,420,000 (Direct Cost: ¥3,400,000、Indirect Cost: ¥1,020,000)
Fiscal Year 2019: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000)
Fiscal Year 2018: ¥1,690,000 (Direct Cost: ¥1,300,000、Indirect Cost: ¥390,000)
Fiscal Year 2017: ¥1,690,000 (Direct Cost: ¥1,300,000、Indirect Cost: ¥390,000)
|
Keywords | 企業情報 / 開示プロセス / 証券市場 / 会計学 / 情報開示 |
Outline of Final Research Achievements |
Corporate information disclosure has the following characteristics: (i) manager makes multiple reports to disclose corporate information, (ii) corporate information is disclosed at various timing based on manager’s strategic decision, and (iii) corporate stakeholders such as investors get corporate information through several channels. I empirically investigate how consequences diverse disclosure processes of corporate information have on market participants. I then demonstrate that (i) there are significantly different disclosure timing of and market responses to Summary of Financial Results (Kessan-Tanshin) versus Annual Securities Report, (ii) there are significantly different market responses to earnings announcements made during trading versus non-trading hours, (iii) the impact of concentrated earnings announcements on media coverage, and (iv) the impact of high-quality corporate disclosure on analyst forecast attributes.
|
Academic Significance and Societal Importance of the Research Achievements |
本研究は、企業情報がインターネットを通じて瞬時に伝播し、証券取引の高速化によって証券市場が瞬時に反応できるという昨今の情報環境を踏まえて、企業情報の多様な開示プロセスが証券市場参加者にもたらす様々な帰結を実証的に明らかにする学術的意義を有する。さらに、本研究は、重複する開示書類の合理化やフェア・ディスクロージャー・ルールの導入などの制度改正に資する科学的証拠を提供し、日本企業の持続的成長と企業価値の向上に必要不可欠であると考えられているディスクロージャー制度の改善に貢献できる社会的意義を有する。
|
Report
(4 results)
Research Products
(9 results)